Profit dips, revenue rises at Veramark

Veramark Technologies Inc. saw its profit decline slightly in the first quarter even as it logged a rise in revenue.

The Pittsford-based telecommunications expense management company reported net income of $20,000, or less than a penny a share, compared with net income of $80,000, or a penny a share, a year ago.

Veramark logged revenues of $3.85 million for the quarter, up from $3.61 million.

The first-quarter results included $193,000 in expenses associated with Veramark’s proposed merger with Varsity Acquisition LLC. The company announced this month it had agreed to be acquired by Varsity, a small private-equity firm based in San Ramon, Calif.

The deal, which would be worth roughly $10.5 million, is in the midst of a 45-day go shop period when Veramark can reach out to investors and other private-equity firms for a higher offer.